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THE

PRINCIPLES

POLITICAL ECONOMY:

WITH SOJE INQUIRIES RESPECTING THEIR APPLICATION, AND A

SKETCH OF THE RISE AND PROGRESS OF THE SCIENCE.

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By J. R. ICULLOCH, Esq.,

MEMBER OF THE INSTITUTE OF FRANCE.

"Non enim me cuiquara mancipavi, nullius nomen fero; multum magnorum virorum judicio

credo, aliquid et meo vindico. Nam illi quoque, non inventa, sed quærenda nobis
reliquerunt."-SEXECA.

THE FOURTH EDITION.

CORRECTED, ENLARGED, AND IMPROVED.

ADAM AND CHARLES BLACK, EDINBURGH ;
AND LONGMAN, BROWN, GREEN, AND LONGMANS, LONDON.

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PREFACE TO THE FOURTH EDITION.

THE present edition of this work has been prepared on the plan explained in the annexed preface. It has been carefully revised; and while we have endeavoured to set its theoretical doctrines in the clearest point of view, our main object has been still better to elucidate the practical operation of the principles of the science, and to show how they are hable to be influenced by the action of secondary and contingent circumstances. Numerous additions have been made to the chapter which treats of the circumstances that determine the common and average rate of wages; partly because of the magnitude alid importance of the class dependent on wages,.. and partly because of the prevalence of doctrines regarding the employment of labour which appear to be alike false and dangerous. And without preLending to anything like completeness in these respects, we venture to think that there are but few really important economical questions which are not touched upon, more or less fully, in this volume.?

We have made no material change in any principle or doctrine advanced in the later editions of

We except from this remark those having reference to taxation, Which we have made the subject of a separate work.

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